The Treasury bill rate is 3.1%, and the expected return on the market portfolio is 10.2%. Use the capital asset pricing model. Question: If an investment with a beta of 1 offers an expected return of 7.8%, does it have a positive NPV? Yes: The opportunity cost of capital is higher than 7.8 percent. Therefore, the investment has a positive NPV Yes: The opportunity cost of capital is lower than 7.8 percent. Therefore, the investment has a positive NPV No; The opportunity cost of capital is lower than 7.8 percent. Therefore, the investment has a negative NPV O No; The opportunity cost of capital is higher than 7.8 percent. Therefore, the investment has a negative NPV